How Much Money Do I Need to Buy a Home?

If you have a good, steady income and aren’t carrying a lot of debt, one rule of thumb is that you can buy a home that costs 2-1/2 to 3 times your annual income.

For example, if you—or you and your spouse—earn $30,000 a year, you will probably qualify for a home or condo that costs between $75,000 to $90,000.

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